R. Venkataramanan, the managing trustee of Tata Trusts, which owns 66% of Tata Sons, has resigned.
The resignation has come at a time when Mr. Venkataramanan’s annual salary of ₹2.66 crore is under the income tax department’s scanner, leading to the withdrawal of tax exemption given to Sir Dorabji Tata Trust — the largest among a dozen Tata Trusts — in December 2018.
Ratan Tata’s half brother Noel Tata has been appointed the trustee of Sir Ratan Tata Trust, the second-largest among the Tata Trusts.
“The managing trustee of the Tata Trusts, Mr. R. Venkataramanan, had informed the chairman and the Trustees of the Tata Trusts that he had been considering other options, given that he was completing five years as the trusts’ executive trustee / managing trustee, and sought to be relieved,” said a Tata Trusts’ statement.
It added that at the meeting of the trustees of the Tata Trusts held on Wednesday, the trustees ‘regretfully’ accepted his request.
Mr. Venkataramanan will relinquish responsibilities as the managing trustee/ trustee of the Tata Trusts on March 31, 2019.
Panel constituted
A committee of trustees, comprising Mr. Ratan N. Tata, chairman of the trusts, and Vijay Singh and Venu Srinivasan, vice-chairmen of the trusts, has been established with immediate effect to oversee the operations and select a chief executive for the trusts.
The trustees placed on record the significant contribution of Mr. Venkataramanan in steering and executing the objectives of the trusts’ portfolios over the last five years, said. the statement adding that in addition to interventions through grants, the trusts now also pursue large-scale programmes through direct implementation and partnerships with multiple state governments and foundations.
Besides Mr. Noel N. Tata, the trustees also appointed Jehangir H.C., who is currently spearheading the healthcare mission at the Jehangir Hospital, Pune.
The Central Bureau of Investigation (CBI) had in May 2018 booked, among others, Mr. Venkataramanan, also a director in AirAsia India, for allegedly paying bribes to government officials to obtain a flying permit for AirAsia India and to enable the airline to operate international flights even as it commenced operations.
AirAsia India is a joint venture of Tata Sons and AirAsia Berhad. Mr. Venkat, as he is popularly known, holds 1.5% stake in the firm. An FIR had been filed against him.
The CBI had, in June 2018, also conducted searches at the Tata Trusts office of Mr. Venkataramanan in Mumbai. He had denied all the charges levelled by the CBI.